B is for Budget – The ABC’s of Buying a Diamond

January 31, 2016

So you’ve decided it’s time to go out and buy your first diamond. This is both an exciting and scary time. If you are like most people today, you have probably spent a lot of time on the internet researching the 4 C’s, or as I like to call it, diamond DNA, and been to many sites that sell diamonds online. Your head is probably swimming with information about cut, color, proportions and carat weight!

Here’s the thing though – none of that matters until you set your budget. Just like planning a wedding, there should be a specific planning process that goes into buying a diamond, or steps that you take before you even meet with a diamond dealer or retailer.

Today I am going to discuss the first – and most important – step with you today: budget.

Why is Budget the First Step in Buying a Diamond?

Let’s say that Joe is going to marry Jane. He jumps onto the Internet and he knows that Jane wants a pear shaped diamond that is over 2 Carats. Joe wants a diamond that is the best of the best. He researches pear shapes and realizes that he needs to see them, because some are fat and some are thin and he wants one that looks as big as possible.

So, Joe goes to his local retailer and tells him he is in the market for a 2 ct. pear shaped diamond. Joe looks at these pears and of course, the pears that attract him are the ones with better color and better clarity, which by the way, cost more.

When Joe finds out how much this diamond is going to cost him, Joe might realize that this diamond doesn’t fit agree with his bank account. Now, the disappointment sets in and the fun of the diamond buying process is tainted, because Joe can’t afford what Joe now has his mind and heart set on.

If Joe had a budget of $5,000, then he could walk into a diamond dealers office and tell the dealer that he was looking for the best pear shaped diamond that fit his budget. The excitement over what he was seeing wouldn’t be tainted and he would be excited about what he can afford!

How Do You Set A Budget?

This is really up to you. The old school of thought of two months salary is complete malarkey and really shouldn’t be entertained. The truth is, you can get a beautiful diamond engagement ring for $5,000. If you go to the right place and put it in the right setting, a .95 carat diamond can look over 1 carat. No one needs a flawless diamond or even an internally flawless diamond and as long as you can’t see the inclusions with your naked eye, no one knows they exist when they look at your ring.

What are most important are the cut and the quality of the cut. Those factors directly effect the sparkle of the diamond, so if the proportions are excellent, then you can save in other places. So, the only person who can set your budget is you and your bank account.

A Good Diamond Dealer Works Your Budget

This is a really important factor to remember when you are talking to a retailer or a wholesaler: a good diamond dealer will work within your budget to get you the best diamond that you can afford. If the diamond dealer is trying to sell you a diamond out of your budget, then that is not the dealer for you and you need to find someone else to buy from. Remember, there are plenty of places you can purchase a stone from!

Another thing to note is that a good dealer will also tell you up front that your budget also has to include the setting and any side stones you might want around your main stone. This means that you might have to sacrifice either on the setting or the size, clarity or color of the main stone. But, a good dealer will also know how to get you the best stone to fit your budget and also get you everything else you want as well, and be honest with you while doing so.

Important Information

Never allow someone to sell a diamond to you based on his or her budget. Your diamond dealer should ask you is what shape stone you are looking for, and then ask you what your budget is. If they don’t ask you those two questions, thank them for their time and contact Jonathan’s Fine Jewelers, because we only sell high quality stones within your budget.